ADB: Uzbekistan’s GDP to grow by 5.5% in 2018
13/04/2018 09:25
ADB: Uzbekistan’s GDP to grow by 5.5% in 2018
13/04/2018 09:25
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan’s economy will grow by 5.5% in 2018 against 5.3% in 2017, the “Asian Development Outlook 2018” of the Asian Development Bank (ADB) said.
According to the forecast of the bank, the economy of Uzbekistan will grow by 5.6% in 2019.
ADB experts predict that the inflation rate will be at the level of 16% in 2018 and 14% in 2019 against 14.4% in 2017.
The report said that the growth of the economy of Uzbekistan slowed due to the devaluation of the national currency.
Growth slowed to 5.3% in 2017, and inflation jumped to 14.4%, both reflecting steep currency devaluation that led to economy-wide adjustment.
The current account surplus reached 2.8% of GDP. An improving external outlook is expected to boost exports, nudging growth to 5.5% in 2018 and 5.6% in 2019 as inflation stays high with anticipated wage, pension, and utility increases. Public financial management needs to be strengthened, the ADB said.
Positive conjuncture in foreign markets will allow Uzbekistan to increase exports, the report said. Export of products will grow by 8% in 2018 and 10% in 2019, which is associated with the growth of supply of fruits and vegetables to Russia and Kazakhstan.
Import in 2018 will increase by 4% in 2018 and 8% in 2019 due to demand, in particular, for oil, chemical products and capital goods, the document said.
The current account balance in 2017 was 2.8% of GDP. This figure will be 0.5% of GDP in 2018 and 1% in 2019.
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